- People keep their money in banks under the impression that they control it, but in reality, banks control the money.
- Decentralized Exchange provides the foundation of Blockchain Technology, namely 'Your Money, Your Control,' and this has always fascinated me. As regulations become more stringent, an increasing number of people are turning to decentralized exchanges, realizing the true power of blockchain and decentralized exchanges.
- Banks have complete control over the money and can even refuse to allow people to withdraw their own money in an emergency.
- What's a better way to exchange your money and get the opportunity to help others by the fees you pay which you have to pay anyhow to the big Institutions.
- We have also developing DEFI contracts to elevate CoinEx Smart Chain to the level of DEFI. We hope to make this the best library for DEFI contracts on CoinEx Smart chain.
What it does
- HexxSwap allows anyone from anywhere in the world to instantly buy and sell cryptocurrencies using CoinEx Smart Chain.
- It does not discriminate against anyone and is open to all.
- People can earn Hexx Token by providing liquidity and earning a consistent passive income.
- We have also created a collection of 3 DEFI contract, which includes a lending pool, a vault, and staking, which is an essential first step in developing a DEFI protocol. The contracts have been thoroughly tested on multiple blockchains and are fully functional from start to finish on other blockchains.
How we built it
- We forked UniswapV2 and deployed it on the CoinEx Smart Chain(Testnet) Blockchain, as well as rendered our own UI that is hosted using Spheron Protocol and linked the smart contracts with the UI, so that users can experience the magic of decentralization.
- We have also made some changes in the Uniswap's smart contracts to automatically transfer 0.02% of the total fees to the The Charity Account Address. -Tools Used: Solidity, Remix, CSC Blockchain, React, Metamask
Challenges we ran into
- It was difficult to integrate the smart contracts with our user interface.
- Making changes to the smart contract to incorporate the automatic transfer of 0.02% of the total fees to the Charity Account Address without compromising the security of the smart contract.
- To learn more about the CSC network and its applications. We had to spend a lot of time on documentation because the CSC network was new for us to work with and get comfortable with.
Accomplishments that we're proud of
- Our decentralized application (dapp) closely reflects the Blockchain philosophy of "Your Data, Your Control" and "Your Money, Your Control".
- Additionally, 0.02% of the total fees collected will be automatically donated to charities and non-profit organisations that provide social services to those in need as is the mission of CoinEx Smart Chain.
- We are also delighted to contribute the CoinEx Smart Chain to the next generation of DEFI contracts.
What we learned
- We learned how to deploy on the CSC blockchain, which is really simple (thanks to the tutorial docs provided by the CSC Team) and also extremely affordable, allowing developers to experiment with the dapps easily and users to experience the wonder of Blockchain almost for free.
- Learned about under the hood working of decentralized exchanges.
- Created our own Cryptocurrency on the CSC Blockchain.
- Blockchain technology is very interesting and will continue to advance as more and more work is done on it. DeFi will play a significant role in the widespread adoption of Blockchain technology.
- As the CSC network was new to us, we learned a lot about it and how it works.
What's next for DeFi CSC
- More features like farming, staking, and limit orders will be added
- Establishing a truly community-driven protocol whereby the community votes on all protocol functioning decisions
- Create more opportunities for liquidity providers to earn rewards.
- We also want to add more contracts to the same collection and contribute as much as we can to DEFI for CSC in the near future.
- We are going live very soon! So Stay tuned and watchout for us 😉❗
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